While it can be difficult to find out how to properly dispose of products that are broken or used up, spending a little time to find out how to properly dispose of them can have a great impact on the environment. 

There are precious metals in many electronic devices that can be refined and reused that cannot be recovered if they end up in a landfill. Recycling products with precious metals properly can help reduce the amount of unnecessary waste in landfills but continue and extend the life cycle of non-renewable resources.

What is precious metals recycling?

While each precious metal is different and requires slightly different processes to be handled properly, overall, the precious metal refining process is similar in concept across all precious metals. Each metal requires a different method of breaking down to purification to return them to their original qualities. Precious metals refineries are the best place to effectively recycle unused precious metals and make a positive impact on the environment. 

The process starts when precious metal refineries recover metals through scrap yards or wasted metal from manufacturers. Once the refineries have received this metal, it is weighed. 

The metal is then broken down so that the pure precious metal can be extracted. This process is usually done by exposing the metal to heat or smelting in an induction furnace, gas blast furnace or with a blowtorch. 

Once the metal has been heated to the correct temperature, the refineries can begin extracting the impurities. To do this, refineries will need to use either gas, pressure or other materials, such as borax or soda ash. Once the impurities have been removed, a sample determining the amount of precious metal and its monetary value is taken.

Why is scrap metal recycling important?

Just like coal and oil, pure metals are non-renewable resources. Precious metals are extracted from the Earth and much like coal and oil, once there are no more precious metals to extract, that will be it. 

Today, precious metals are a necessity for manufacturing many products that we use on a day-to-day basis, such as cell phones, computers and other electronic devices and appliances. Despite precious metals being a finite resource, the development of technology has continued to become more dependent on them. Many phones and computers today go unused and go unseen in cupboards. These unused devices are called E-waste. Owners of these precious metals can take these old devices and sell them for their scrap metal. 

Because of the constant use and high demand of these metals, they are becoming increasingly difficult to find within the Earth. And, with this supply restraint, their prices keep increasing. Not only does this propose challenges for technology manufacturers and jewelers alike but the continual extraction process itself has a  harmful impact on the environment. This process alone is the cause for almost half of the world’s carbon emissions as well as a tenth of the world’s biodiversity loss.

With all of these problems with the extracting process, many businesses have e-waste programs, where customers can donate their unused devices and the business can make sure they are properly recycled.

Precious metals list: what are precious metals and where are they found?

Precious metals are sourced from inside the Earth and are becoming both increasingly vital in today’s industry and increasingly difficult to find. These metals are used in a multitude of everyday tools. Precious metals like platinum, gold, palladium and aluminum can all be found in LED light bulbs, jewelry and many beloved electronics. From phones to electric cars, precious metals are powering all of them. This abundance of precious metals in products makes recycling E-waste the perfect resource for precious metals.

What are the precious metals prices?

Because precious metals are becoming increasingly difficult to source, their price can fluctuate depending on many factors. Prices of precious metals like gold, silver, palladium and platinum show trends of consistently rising. However, because the prices of these metals can fluctuate daily, the prices can be easily checked before buying or selling precious metals to ensure the transaction is done at an optimal time. When just considering the large-scale trends, the prices of precious metals are continuing to increase. 

This is mainly because these precious metals are continuously used in an unending number of daily products but remain a finite resource. This makes it difficult for industries around the world to produce their products which in turn continues to increase precious metals’ value. These metals serve as integral parts of products ranging from daily-use items like cell phones and LED light-bulbs, to high-end pieces such as expensive jewelry or electric cars.

As industries continue to incorporate precious metals into more of their products, these metals become increasingly rare and therefore increasingly expensive. This continued scarcity drives the price of these precious metals in the long run, however, at any given time the price of these metals will depend on how many people are selling at that time. Regardless of the price of certain precious metals on a given day, as a whole, precious metals retain their value very well, especially because of all of the technological advances that require them.

What are scrap metal prices?

Because scrap metals are more commonly found, their prices fluctuate quite regularly. This fluctuation is mainly dependent on the supply and demand of the metals. Many products require certain metals which can affect the demand for those metals and how often they get recycled. 

Scrap yards will price metals by weight (in lbs) and then adjust the price based on the type and how ferrous the metal is. They will also often adjust their prices depending on the labor cost that will be required to properly sort and recycle the metals.

Current scrap metal prices

To find the current prices for scrap metals, visiting online resources that detail the prices of metal by type is going to be the best option. Resources like these update their prices regularly to match the fluctuating supply and demand of scrap metal. Many sites will also categorize their prices based on metal categories and detailed prices of car parts, such as batteries or catalytic converters.

Majestic Corporation has been a leading precious metals recyclers, non-ferrous metals and Catalytic converter provider for around three decades. With a presence in the United States, United Kingdom, Malaysia, Italy, Mexico, Australia, Hong Kong and more, as well as a network of precious metals refineries around the world, we work with major customers and partners in a transparent and discrete manner and only offer the highest quality services at competitive prices. 

Contact us here for more information.